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20121201
20121201
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around the world, china is a huge creditor. we owe them over a trillion, we'll japan over a trillion. governments are holding on to this debt. you know, there is a story. i forget where it was run that mentioned from the peak of the housing double until now they said the average american household net worth was down about 40%. it's actually down a lot more than that when you factor in each share of the debt that has been accumulated in their name by the federal government. so americans are basically already broke. that's why we have to just admit that we are insolvent because the american families cannot repay the money that's been borrowed in their name. so we admit that we are insolvent. greece imposed a hair cut at 50% of the bondholders. we tell people that have one-year treasury bills we can't pay you back in a year. you have to extend the maturity beebee ten years. america has to tell people who are collecting social security right now or who are expecting to collect it they aren't going to get as much money as they were promised. we have to cut the pensions of the retired amid
on the campaign trail the president talked about an unlimited credit card from china. i don't think that -- >> actually, mr. mcconnell proposed himself the idea with congress and the role of the debt ceiling. >> i think that's just crazy. >> ken, well let me ask you this. >> you should take that up with mitch mcconnell. >> you brought in the debt ceiling and that was something in the president's initial offer, this idea that we take the raising of the debt ceiling. we take that power away from congress. what's wrong with that? it would seem to a lot of folks that would be one way to avoid this seemingly constant threat of hijacking the government. >> put us on a very slippery slope towards the plight of greece and spain and others who basically don't have that check. this whole notion of unlimited credit card is just pure poppycock and it's something that only can be dreamed of as a fiscally responsible thing in washington, d.c. >> but, you know, you still have a process and procedure in terms of the budget where the president proposes a budget and congress is playing a much more si
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